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How will divorce affect you financially? Here are 3 ways

As the higher earner in a relationship, you may think that your divorce won't affect you much. However, the reality is that your finances are likely to be impacted in some way. Divorces are expensive, but that's not the only reason your finances might be affected.

Another reason your finances could be affected during divorce is because you won't live with someone who has his or her own job. You will take on more expenses and there's the likelihood that you could have to pay child support or alimony. Here's a little more on these expenses.

These are a few expenses you can expect to change

1. You'll have a sinlge income

The first thing that is likely to change is that you'll be living on only your income. In the event that you were the only one with a job before, that's probably not a major change for you, and it might even be beneficial. However, if your spouse worked, that income you shared will no longer be available to you.

2. Expenses increase

Along with the separation and divorce expenses, other expenses increase, too. You'll pay for your home on your own. You may need to buy new furniture or assets that you lose in the divorce. You might have to buy a car, if you used your spouse's, and there's a likelihood of having higher bills all around since you're living on your own.

3. Child support and alimony are a possibility

Finally, since you earn more and have a full-time job, there is a possibility that you'll have to pay alimony to your spouse. On top of that, if you work but your spouse has more time to care for children, then you may not end up being the primary caretaker. As a result, you may be told to pay child support, which costs you money each month on top of the money you spend on your child when he or she is with you.

A divorce has many other financial impacts beyond these, but these are three of the most common. To handle them, it's a good idea to look over your budget, to make adjustments and to plan ahead for new expenses like the deposit for a new apartment, your attorney's fees and higher utility bills. In time, the changes will settle down, but for now, you need to remember that divorce is likely to be costly.

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